Silicon Valley Tech Leaders and Venture Capitalists Back BitFury

BitFury has committed to spend $20 million sourced from internal
and external sources to roll out the industry super chip and further
expand its data centers

October 09, 2014 03:00 PM Eastern Daylight Time

SAN FRANCISCO & AMSTERDAM--(BUSINESS WIRE)--BitFury Group, the leading Bitcoin infrastructure provider and
transaction processing company, announced today that it has committed to
spend $20 million sourced from external and internal sources to continue
its strong momentum as the leader in cryptocurrency transaction
processing. The majority of the funds came from external sources, with
significant interest from highly respected venture capitalists and
individual investors including prominent venture capitalist Bill Tai,
former CFO at VeriFone and President at Flextronics Bob Dykes, and
co-founder of Google Maps Lars Rasmussen. The $6 billion Georgian
Co-Investment Fund, an existing BitFury investor, also participated in
this round, reinforcing their strong belief in BitFury’s success.

"Building on the success of our Series A funding, it was great to
witness continued investors’ trust and excitement in BitFury,” said
Valery Vavilov, BitFury founder and CEO. “The fact that we closed this
funding round in less than a week is a testament to investors’ trust in
our business model and execution capabilities. We now have ample cash to
start rolling out the new chip, without selling down our strategic
reserve of mined bitcoins.”

Vavilov continued: “We are bringing to the market our new, full custom
design 28 nanometer ASIC chip which will be three times more energy
efficient as compared to our existing technology. This will cement our
reputation as the Bitcoin industry leader.”

In addition to rolling out its next generation 0.2 J/GH chip, BitFury
will use the secured funds to increase its data centers capacity to 100
megawatts, allowing the company to maintain significant market share in
the bitcoin transaction processing market.

Bill Tai, BitFury board member and investor commented: “Strong and
consistent execution allowed BitFury to establish itself as an industry
leader. The company’s management team is strengthening that position by
building a culture of trust, corporate governance and institutional
credibility. Those factors have enabled the company to continue to
attract capital to fulfill its vision.”

ABOUT BITFURY GROUP: BitFury Group is the leading Bitcoin infrastructure
provider and Bitcoin transaction processing company. Founded in 2011,
BitFury currently has more than 70 team members globally at management
offices in San Francisco, Amsterdam and Riga, as well as data-centers in
Finland, Iceland and the Republic of Georgia. BitFury derives
sustainable advantage through its custom-made application-specific
integrated circuits (ASICs) optimized to achieve the lowest power
consumption coupled with the highest processing metrics – the parameters
that drive mining margins. BitFury has an impressive track record,
having successfully delivered three prior generations of silicon and has
a roadmap to at least double performance-per-watt every 6-12 months.
BitFury’s management team and board include seasoned industry veterans
with a history of execution in silicon engineering, operational build-up
and capitalizing businesses.